Buying turnkey and adding small updates here and there has proven far more fruitful for myself and other buyers (unless you have too much cash lol). 

They're both in their 70s and want to enjoy the fruits of their labors over the last 45 years.

If the answer is not a resounding yes I take a minute and re-evaluate what I am doing.Once you have for some people 7 figure wealth and others 8 figure wealth you let off the gas and start enjoying more fruits of your labor as you get older and time becomes more and more precious. ( Dust in the wind ) song is very real (not another minute will your dollars buy).

He wants out of the business completely. he just wants to retire and enjoy the fruits of his labor.

The only limitations are your creative juices and the law. 

Flipping is a self-employed job with high risk and high transaction costs.By the time taxes and agents are done with you, the juice is rarely worth the squeeze.   

and your PM will upcharge or charge you for every little thing, that is their business model.If you keep it, you can offset these losses and also try to consider cost segregation to juice it out.Else 1031 into another one, Pocono prices are stagnant for now, you should be able to get almost same price.

I'm open to learning from all perspectives and excited to engage in a fruitful discussion that will benefit us all in our real estate endeavors.Looking forward to hearing from you all!

What kind of insurance was necessary, what are the pitfalls, is the juice worth the squeeze, etc.?  

I would like to move to Austin (as there are many like-minded entrepreneurs there) and want to live on a ranch with 2+ acres, so I can raise goats, chickens, and have fruit and vegetable garden.